Debt (Tables)

3 Months Ended

Jan. 02, 2021

Debt Disclosure [Abstract]

Schedule of short and long term debt

The Company’s short- and long-term debt obligations as of January 2, 2021 and October 3, 2020 were as follows:

	January 2, 2021				October 3, 2020
(In thousands, except percentages)
Term loan (1)	2.4	%	$	25,000	2.4 %	$	25,000
Unamortized debt issuance costs (2)			(63)			(82)
Total indebtedness			24,937			24,918
Less short-term portion			(24,937)			(6,667)
Long-term debt			$	—		$	18,251

(1)Due in October 2021 and bears interest at a variable rate equal to an adjusted LIBOR plus 2.25%, payable quarterly. Subsequent to the first quarter of fiscal 2021, the Company repaid all of its outstanding principal balance. For more information, refer to Note 14. Subsequent Event.

(2)Debt issuance costs are recorded as a debt discount and recorded as interest expense over the term of the agreement.